French oil major Total SA's (TOT) Chief Executive Christophe de Margerie Wednesday said the company's recent withdrawal from a project in Saudi Arabia's "Empty Quarter" won't affect the company's future there.
French oil major Total SA's (TOT) Chief Executive Christophe de Margerie Wednesday said the company's recent withdrawal from a project in Saudi Arabia's "Empty Quarter" won't affect the company's future there.
Total's withdrawal from its 30% stake in the South Rub Al-Khali Co., or SRAK, after three exploration wells turned out to be dry will have "no impact on our future in Saudi Arabia," de Margerie said at a press conference to discuss Total's 2007 and fourth-quarter results.
De Margerie said Saudi authorities have assured Total this will be the case.
The company will now focus on refining in the country, de Margerie said.
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